Hiring Speed In A Candidate-Driven Market

Jobseekers control the recruiting process in a candidate-driven market, so if yours takes too long, top talent will look to the competition to land a job more quickly. So why is this crucial for the overall success of your company?

Allow me to explain further.

First, you must understand why speed significantly enhances your hiring procedure. Businesses are now looking for qualified individuals to help them go forward as they continue to expand and adapt to the times. But finding that talent is challenging.

In today's job market, there is more demand for expertise than genuine skilled talent. In fact, the demand for some "future crucial" occupations is ridiculous, especially in fields like machine learning, cybersecurity, and quantum computing. The employment environment becomes much more challenging when you add the reality that most skilled personnel are already working.

Studies have shown that already-employed individuals may look for newer opportunities, but if the hiring process is delayed, they may decide to stick with their current job.

When your company has a faster hiring process, you increase the chances of getting more high-quality candidates and make it less likely that candidates will drop out of the process. A quick hiring procedure will improve the quality of hires for the following four reasons:

1. Fewer in-demand prospects drop out when things move quickly. Again, the best candidates will withdraw from consideration if your hiring procedure is delayed. "In-demand applicants are the first to drop out or disappear in frustration."
2. Only the average remain due to slow hiring. This means you will only have the lesser-performing talent to choose from once your top performers are eliminated.
3. Quick decisions draw the best candidates, which means the best employees perceive fast hiring as a sign of your organizational culture.
4. Top candidates make snap decisions. Faster recruiting decisions mean that your "bird in the hand" offer is the first to be available for acceptance.

Now that you are aware of the significance of a quick hiring process, it is time to persuade the decision-makers in your organization to make changes.

How? Show them the money! That is, show the people who make decisions in your organization how much money will be lost if you don't fill that position. Every time an employee quits, show your hiring managers the turnover cost of that position.

Your hiring managers and executives should understand that "time to fill" is now just as important as the quality of the hire when you demonstrate how much money is being lost. To emphasize this point even more, here are two reasons why a lengthy hiring strategy is detrimental to business:

1. If your hiring procedure takes too long, you may only find average candidates to hire, and those new employees will perform noticeably worse on the job.
2. A long process for hiring can cost the company money and make recruiters and HR professionals feel burned out. Delaying hiring may affect energy, effectiveness, and even turnover, which could lead to more bad hires.

It would be best if you made your hiring process more efficient now to boost morale and find top talent as we move into 2023. If you want insight on how to do this, please reach out. We would be happy to help!